jusarrived
Test Debutant
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- Dec 23, 2005
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If you think that what Modi did was great... pls explain how it will eradicate corruption and black money..
Then can think about following it as a template.
I dont know how much you can grasp , but this not some thing they decided on day its a very well thought through and been implemented from months . Demonetisation is just one of the steps the govt has taken .
A lot has changed since this Govt has come in and they have been making it very difficult for anyone to evade tax or do undeclared cash transactions . IT dept has been pulling up all transactions which are higher than your tax declared amount , there are lot of triggers which are being monitored like multiple cash transactions , spike in cash deposits , any transaction 10 lac per day etc . The banks have been reporting this for a while now , not since yesterday .
to give you an example , when one of my uncle was trying to buy a property in black couple of months back the builder actually refused . For a property worth ~1.4 crore , he offered to take only ~5lac in cash . He was telling us how difficult it was to do cash transactions lately and was abusing the Govt . I know few people in business involving mostly cash dealings complaining about the same .
They started with a drive to open banking accounts for all .
Then the black money declaration scheme last month.
Now demonetisation .
GST is another big factor which will ensure further tax compliance .